International property in Spain ‘ideal for cash buyers’
06.11.2009
Overseas property buyers who have the funds to make cash purchases should look to Spain, it has been suggested.
Director of research and buying agency Property Finders Barbara Wood told the Daily Mail places like Murcia, Torrevieja near Alicante and parts of Almeria have seen price drops of 30-35 per cent since the end of the boom.
With mortgages over 80 per cent loan-to-value being hard to obtain, transactions in these are mainly in cash, she noted.
Ms Wood advised that those who are buying should stick to established areas with up to 40 years of British investment, rather than "peripheral" locations where some of the more recent developments have emerged.
She said these latter places are likely to take five years or more to recover.
Writing an editorial for Spanish property portal Kyero.com, Martin Dell stated recently that it is widely accepted that the property market there has bottomed out.
As a result, investors should be coming back in large numbers soon, he forecast.
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